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GenMark Diagnostics Guides to Q2 Revenues of $3.2M to $3.6M, Raises Full-year 2012 Revenue Guidance

NEW YORK (GenomeWeb News) – GenMark Diagnostics today provided second-quarter revenue guidance and raised its full-year 2012 revenue guidance.

For the quarter ending June 30, the Carlsbad, Calif.-based molecular testing firm said that revenues are anticipated to fall between $3.2 million and $3.6 million. Full-year 2012 revenues are now expected to top $15 million. GenMark said in its fourth-quarter and full-year 2011 earnings announcement that 2012 revenues would exceed $10 million.

"We continue to execute strongly on our strategy and achieve significant traction in the marketplace," company President and CEO Hany Massarany said in a statement. "As a result of increased test utilization by existing customers and anticipated growth from near-term future menu, we are projecting to exceed our initial revenue guidance. We believe it is important that we more closely align market expectations with our own estimates in this very dynamic and high growth environment."

During the first quarter GenMark said that revenues increased 185 percent year over year to $2.2 million. Net loss for the period was $5.6 million, or $.28 per share.

In a research note today, Brian Weinstein of investment firm William Blair & Co., said that GenMark is seeing better-than-expected instrument placements "but the upside was much more related to better reagent revenue per system."

He increased his projections for system installations for 2012 to 115 from 102 and average reagent revenue per system to $70,000 from $53,000, resulting in a new 2012 revenue projection of $15.1 million.

"Tuesday's announcement appears to us to be confirmation that GenMark's molecular solution is being well received by the clinical community," Weinstein said.

In afternoon trading on the Nasdaq, shares of GenMark were up 9 percent at $4.60.

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